PB Fintech loss widens to Rs 204 crore in Apr-Jun

PB Fintech, the parent firm of online insurance broker Policybazaar, on Wednesday reported a widening of consolidated loss to Rs 204.33 crore in the first quarter ended June 30, 2022, according to a BSE filing.

The company had posted a loss of Rs 110.84 crore in the same period a year ago.

The consolidated revenue from operations of PB Fintech more than doubled to Rs 505.18 crore during the reported quarter from Rs 237.73 crore in the June 2021 quarter.

The company in its financial performance report said that its insurance premium segment grew by 52 per cent to Rs 2,430 crore in June 2022 quarter from Rs 1,594 crore in the June 2021 quarter.

''We are at an annual run rate of insurance premium of over Rs 9,700 crore growing 52 per cent YoY,'' the company said.

PB Fintech said that credit disbursal on its Paisabazaar platform more than doubled to Rs 2,320 crore from Rs 984 crore on year-on-year basis.

''We are now at the run rate of Rs 11,200 crore disbursal and 4.3 lakh credit card issuance on an annualised basis,'' PB Fintech said.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)